Rs 22,000 Crore Online Trading Scam Busted In Assam

New Delhi: Assam Police unearthed a massive financial scam involving Rs 22,000 crore.

Assam Police made two significant arrests in this connection. Vishal Phukan, a 22-year-old online trader, was apprehended in Dibrugarh, while Swapnil Das was arrested from his apartment in Beltola, Guwahati, Economic Times reported.

Police said Phukan, who lured people using his opulent lifestyle, promised his investors a 30% return on their investments in 60 days. He had set up four fake companies, invested in the Assamese film industry and acquired several properties. The police conducted a raid at his residence in Dibrugarh and seized documents linked to the multi-crore scam. Police are now looking for Assamese choreographer Sumi Borah, who is also reportedly connected to Phukan’s network, NDTV reported.

Chief Minister Himanta Biswa Sarma urged people to avoid fraudulent online stock market investments, saying that claims of doubling money with minimal effort are usually fraudulent.

“I want to tell the people that there is no such system of investing money in the stock market through these online trading firms. Fraudsters are misleading the people. I urge the people to stay away from fraudsters. Police have now registered cases against the illegal brokers. We will try to bust the entire racket in the state,” he said, adding that the police have launched a crackdown on illegal online trading in the state.